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Credit Line Increase and new credit card?


maverick9
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Where is the "Request a credit line increase" for Amex?

 

The following is what Amex wrote on there YouTube video but it's no longer there:
 

"Hello and thanks for reaching out. You can request a Credit Limit Increase online at americanexpress.com. Once you are logged in to your account, Click Account Services, then Increase Your Credit Limit which is located under Card Management. Hope this helps."

 

Another person posted they don't see either.

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3 hours ago, maverick9 said:

should I update my income with my creditors before requesting a CLI?

 

Actually, I don't think it's possible to request a CLI without the lender asking for an income update (and, generally, updated housing expense).

 

Lenders are required to consider an applicant's (or cardholder's) "ability to pay" in assigning borrowing limits.  "Ability to pay" is the consideration of available income to make at least minimum payments on a credit card if the line is fully extended, and considers a percentage of income, minus existing debt obligations and housing payment.

 

Most credit card issuers now permit you to update your income in your online account profile.  It's now important to update this information at least once a year because without that information, a creditor is prohibited from initiating a CLI on their own.  My issuers have begun to request that I update income if there hasn't been a recent update.

 

 

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13 hours ago, maverick9 said:

Where is the "Request a credit line increase" for Amex?

 

The following is what Amex wrote on there YouTube video but it's no longer there:
 

"Hello and thanks for reaching out. You can request a Credit Limit Increase online at americanexpress.com. Once you are logged in to your account, Click Account Services, then Increase Your Credit Limit which is located under Card Management. Hope this helps."

 

Another person posted they don't see either.

It was where they said it was yesterday for me.  After reading the thread, it reminded me I had not asked for anything lately, and there it was.  I was not greedy and just went from $15k -->> $20k.  

 

There have been times it is not there, and I just presume, at that particular time, for what ever reason, I'm not eligible for one, so I move on.  

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13 hours ago, maverick9 said:

Where is the "Request a credit line increase" for Amex?

 

The following is what Amex wrote on there YouTube video but it's no longer there:
 

"Hello and thanks for reaching out. You can request a Credit Limit Increase online at americanexpress.com. Once you are logged in to your account, Click Account Services, then Increase Your Credit Limit which is located under Card Management. Hope this helps."

 

Another person posted they don't see either.

Last time it wasn't present for me, I had to enter chat type credit limit increase and the chatbot presented link. It worked.

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31 minutes ago, Glacier said:

I was not greedy and just went from $15k -->> $20k.

Accepting what they offer you is not greedy, it's prudent. There's no reason not to request 3x your limit from Amex every time. They will counter with your max. Only asking for $5k when they might have been willing to do $10k or $20k or more is unfortunate. 

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11 minutes ago, shifter said:

Accepting what they offer you is not greedy, it's prudent. There's no reason not to request 3x your limit from Amex every time. They will counter with your max. Only asking for $5k when they might have been willing to do $10k or $20k or more is unfortunate. 

@shifter so being that I'm at $9,500 limit, it would be acceptable for me to ask for a 30k limit? 

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1 hour ago, maverick9 said:

@shifter so being that I'm at $9,500 limit, it would be acceptable for me to ask for a 30k limit? 

Absolutely not. That will most likely result in an instant decline. Your max is $28.5k.

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2 minutes ago, shifter said:

Absolutely not. That will most likely result in an instant decline. Your max is $28.5k.

I meant 3x but didn't realize you mean exactly at 3x. So can I ask for the 28.5k? 

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7 hours ago, maverick9 said:

I'm at $9,500 limit, it would be acceptable for me to ask for a 30k limit? 

@maverick9  Just execute the Amex CLI yourself by clicking the Check Your Spending Options button, and you'll be directed to the CLI button immediately, if it's visible, click it! (My experience recently)  :D

 

Procedure: Click...

A- Account services home
B- Card management
C- Check spending power

 

CLI button displayed

Edited by MP80
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5 hours ago, maverick9 said:

How much of a CLI can I request for Disco, NFCU, and Cap 1?

 

 

IIRC, they do not give you the option to request a certain amount.  You just take what they give you.  

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6 hours ago, maverick9 said:

How much of a CLI can I request for Disco, NFCU, and Cap 1?

 

NFCU you can request $50k. However, if you are less than $15k or $20k I only asked for $25k. IME they went to $25k first then $35k then $50k.

 

Disco and C1 don't give you an option. 

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15 hours ago, MP80 said:

@maverick9  Just execute the Amex CLI yourself by clicking the Check Your Spending Options button, and you'll be directed to the CLI button immediately, if it's visible, click it! (My experience recently)  :D

 

Procedure: Click...

A- Account services home
B- Card management
C- Check spending power

 

CLI button displayed

Wonderful! Thank you so much. Will be doing it as soon as this next billing cycle hits which is around the 8th.

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12 hours ago, shifter said:

NFCU you can request $50k. However, if you are less than $15k or $20k I only asked for $25k. IME they went to $25k first then $35k then $50k.

 

Disco and C1 don't give you an option. 

Thanks. I have a very healthy income now and I have a 4,500 limit with NFCU. So I guess I'll ask for the 25k. 

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15 hours ago, MP80 said:

@maverick9  Just execute the Amex CLI yourself by clicking the Check Your Spending Options button, and you'll be directed to the CLI button immediately, if it's visible, click it! (My experience recently)  :D

 

Procedure: Click...

A- Account services home
B- Card management
C- Check spending power

 

CLI button displayed

This is not always accurate...I am one of those people who have no CLI button on the credit products. 

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7 hours ago, centex said:

This is not always accurate...I am one of those people who have no CLI button on the credit products. 

You are right! I just reiterated the CLI program and the button didn't appear! I believe Algos and AI have a track record of recently timetable-approved CLIs internally, so as of now, I'm not currently eligible for another CLI.  (Amex 180 days CLI policy)

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8 hours ago, maverick9 said:

Thanks. I have a very healthy income now and I have a 4,500 limit with NFCU. So I guess I'll ask for the 25k. 

@maverick9  Regarding NFCU's CLI eligibility, you can claim your sky-high credit limit, but the truth is you can get up to $8000, and if you're sitting in a Toyland with a $500 credit card right now, you can triple your credit limit to $1500. This is an ongoing dichotomy of an increase of $8000 or similar to the CLI X 3 from American Express.

 

It's possible to ask for $25K in spite of the fact that it's a risky business, but it's doable if luck out! But, it's safe to go for an $8K increases.  :)

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Posted (edited)
16 hours ago, MP80 said:

@maverick9  Regarding NFCU's CLI eligibility, you can claim your sky-high credit limit, but the truth is you can get up to $8000, and if you're sitting in a Toyland with a $500 credit card right now, you can triple your credit limit to $1500. This is an ongoing dichotomy of an increase of $8000 or similar to the CLI X 3 from American Express.

 

It's possible to ask for $25K in spite of the fact that it's a risky business, but it's doable if luck out! But, it's safe to go for an $8K increases.  :)

What I have a hard time comprehending is seeing people that make 35k get 25k limits. I now have perfect credit for several years, pushing 500k in income which I can send documentation on, I have no debt, and your telling me there going to restrict me to a 3x limit of only 10-30k?

 

Is this a joke?

Edited by maverick9
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16 minutes ago, maverick9 said:

What I have a hard time comprehending is seeing people that make 35k get 25k limits. I now have perfect credit for several years, pushing 500k in income which I can send documentation on, I have no debt, and your telling me there going to restrict me to a 3x limit of only 10-30k?

 

Is this a joke?

 

The AX 3x current limit is a hard rule and it has nothing to do with income.  Each credit card company has different policies.  While they all do consider income, the vast majority of credit card issuers have a maximum exposure policy.  For example, Navy Federal has a credit card maximum exposure policy of, IIRC, $80k.  You could have verifiable income of $1m and they don't give a shiat.  You will never get over the maximum exposure policy.  

 

And when deciding credit limits, income isn't the only thing they look at.  If they see you have very low limits on your other cards, a credit card company will not want to be the first to give you a very high limit on a newly approved card.  Once you start building up higher limits on your cards, then other lenders will follow suit.  One of the golden rules: Higher limits beget higher limits.

Edited by PotO
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4 hours ago, PotO said:

 

The AX 3x current limit is a hard rule and it has nothing to do with income.  Each credit card company has different policies.  While they all do consider income, the vast majority of credit card issuers have a maximum exposure policy.  For example, Navy Federal has a credit card maximum exposure policy of, IIRC, $80k.  You could have verifiable income of $1m and they don't give a shiat.  You will never get over the maximum exposure policy.  

 

And when deciding credit limits, income isn't the only thing they look at.  If they see you have very low limits on your other cards, a credit card company will not want to be the first to give you a very high limit on a newly approved card.  Once you start building up higher limits on your cards, then other lenders will follow suit.  One of the golden rules: Higher limits beget higher limits.

I understand "higher limits beget higher limits" but it's a catch 22. If no one wants to up my limits because they see my other credit cards at a certain limit, then how in the world will one ever decide to go up? 

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22 minutes ago, maverick9 said:

If no one wants to up my limits because they see my other credit cards at a certain limit, then how in the world will one ever decide to go up? 

 

I don't think anyone has suggested that that is a "real world" constraint.

 

Closest that can be said is that lenders may take a clue from your highest credit line and limit the extent to which they're willing to approve a limit above that.  But even then, they'll increase an appreciable amount above your highest credit limit, assuming your income supports the credit extension.

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27 minutes ago, maverick9 said:

I understand "higher limits beget higher limits" but it's a catch 22. If no one wants to up my limits because they see my other credit cards at a certain limit, then how in the world will one ever decide to go up? 

Find one of your current lenders and spend like hell on the card, ensuring that you pay it off each month.  Make sure you are on the AZEO plan to increase scores.  Clean reports and higher scores tend to make it easier.  But also recall that the current climate means it may be a challenge to get a lot of new credit with a marginal report. 

 

You previously mentioned a crappy CrapOne line...I would be inclined to ditch that card.  A $600 turd tells other lenders you were risky. 

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